Kibo Mining Plc Share Issue (5235F)
November 12 2015 - 8:00AM
UK Regulatory
TIDMKIBO
RNS Number : 5235F
Kibo Mining Plc
12 November 2015
Kibo Mining Plc (Incorporated in Ireland)
(Registration Number: 451931)
(External registration number: 2011/007371/10)
Share code on the JSE Limited: KBO Share code on the AIM:
KIBO
ISIN:IE00B97C0C31
("Kibo" or "the Company")
12 November 2015
Share Issue
Kibo Mining plc ("Kibo" or the "Company") (AIM: KIBO; AltX:
KBO), the Tanzania focussed mineral exploration and development
Company has today issued 1,666,667 Ordinary Shares (the "Shares")
of EUR0.015 each in the capital of the Company at a price of 6p to
Sanderson Capital Partners Limited ("Sanderson"). The Shares were
issued upon receipt of GBP500,000 from Sanderson, representing the
full drawdown amount of the loan facility provided by Sanderson to
the Company, the details of which were announced on the Company's
RNS of the 4(th) November 2015.
Application will be made for the Shares to be admitted to
trading on AIM and the JSE AltX markets. Trading in the Shares is
expected to commence on AIM and the JSE on or around 17 November
2015 ("Admission"). On completion of Admission the Company will
have 330,928,714 shares in issue.
Louis Coetzee, CEO of the Company, commented today: "Whilst
confirming that the GBP526,000 placing proceeds due to the Company,
which have been retained in the Hume client money account since
March 2015, will be released to Kibo in due course, the
administrators of Hume Capital have not been able to provide Kibo
with a definitive timeline for the distribution. Accordingly Kibo
has elected to draw down the loan facility from Sanderson in order
to prevent the delay in the receipt of these funds from holding up
work on the Mbeya Coal to Power Project ("MCPP") and Kibo's other
projects."
Contacts
+27 (0) 83 2606126 Kibo Mining Chief Executive Officer
Louis Coetzee plc
-------------------- ------------------- -------------------- ------------------------
Andreas Lianos +27 (0) 83 4408365 River Group Corporate Adviser
and Designated Adviser
on JSE
-------------------- ------------------- -------------------- ------------------------
Jon Belliss +44 (0) 207 382 Beaufort Securities Broker
8300 Limited
-------------------- ------------------- -------------------- ------------------------
Oliver Morse +61 8 9480 2500 RFC Ambrian Nominated Adviser
Limited on AIM
-------------------- ------------------- -------------------- ------------------------
Bell Pottinger Investor and Media
Daniel Thöle +44 (0) 203 772 Relations
/ Anna Legge 2500
-------------------- ------------------- -------------------- ------------------------
Kibo Mining - Notes to editors
Kibo Mining is listed on the AIM market in London and the AltX
in Johannesburg. The Company is focused on exploration and
development of mineral projects in Tanzania, and controls one of
Tanzania's largest mineral right portfolios. Tanzania provides a
secure and stable operating environment for the mineral resource
industry and Kibo Mining therein.
Kibo Mining holds a thermal coal deposit at Rukwa, which has a
significant JORC compliant defined resource (See Table 1 below),
and is developing a 250-350MW mouth-of-mine thermal power station,
the Mbeya Coal to Power Project ("MCPP"), previously called Rukwa
Coal to Power Project ("RCPP"), with an established management team
that includes Standard Bank as Financial Advisor. Kibo is
undertaking a Coal Mining Definitive Feasibility Study and a Power
Pre-Feasibility Study for the Mbeya project with an integrated
Coal-Power interim study report to be released in the near term. On
20(th) April 2015, Kibo signed a Joint Development Agreement for
the completion of the Definitive Feasibility Studies and
development of the MCPP with China based EPC contractor SEPCO
III.
The Company also has extensive gold focused interests including
Lake Victoria Goldfields and Morogoro projects. At Lake Victoria,
the Company has projects with a 550,000oz JORC compliant gold
Mineral Resource at Imweru Project (See Table 2 below) and a
168,000oz NI 43-101 compliant gold Mineral Resource at the Lubando
Project (See Table 3 below) in which the Company holds a 90%
attributable interest. The Company is currently undertaking a
Definitive Feasibility Study on its Imweru Project.
Kibo also holds the Haneti Project on which the latest technical
report confirms prospectivity for nickel, PGMs, gold and strategic
metals including lithium.
Kibo Mining further holds the Pinewood (coal & uranium)
project where the company has entered into a 50/50 Exploration
Joint Venture with Metal Tiger plc.
Finally the Company also holds the Morogoro (gold) project where
the company has also entered into a 50/50 Exploration Joint Venture
with Metal Tiger plc.
The Company's projects are located in the established and gold
prolific Lake Victoria Goldfields, the emerging goldfields of
eastern Tanzania and the Mtwara Corridor in southern Tanzania where
the Government has prioritised infrastructural development
attracting significant recent investment in coal and uranium. The
Company has a positive working relationship with the Tanzanian
government at local, regional and national levels and works hard to
maintain positive relationships with all communities where company
interests are held. The Company recognises the potential to enhance
the quality of life and opportunity for Tanzanian citizens through
careful development of its projects.
Updates on the Company's activities are regularly posted on its
website www.kibomining.com
Johannesburg
12 November2015
Corporate and Designated Adviser
River Group
This information is provided by RNS
The company news service from the London Stock Exchange
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